Singapore, Malaysia sign deal to set up special economic zone in Johor; passport-free


The Johor-Singapore SEZ “rides on the strong growth of Johor and significant investments in the region by Singapore”, the joint statement said.

Singapore and Malaysia are each other’s second-largest trading partners, with bilateral trade growing 18.9 per cent year-on-year to S$153 billion in 2022.

In 2022, Johor recorded RM70.6 billion (S$20.26 billion) worth of investments.

Singapore was Johor’s second-largest foreign investor from January to June that year, contributing to about 70 per cent of the latter’s total foreign direct investment in the manufacturing sector.

In the statement, Mr Gan, Singapore’s Minister for Trade and Industry, said that the SEZ “underscores what Singapore and Malaysia can achieve when our governments and business communities work closely together. 

“It will serve as a bridge for both sides to tap each other’s complementary strengths and seize opportunities to grow together,” he said.

His counterpart Mr Rafizi added that the project presents an “unprecedented opportunity” to enhance the cross-border flow of goods and people as well as “elevate the economic attractiveness” of both Johor and Singapore.

“I have full confidence that this initiative will herald the commencement of a transformative chapter in our bilateral economic relations, fostering unparalleled connectivity and prosperity for both our great nations,” he added. 



This article was originally published by a www.channelnewsasia.com . Read the Original article here. .